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Ponzi schemes News

17 Mar 2022

DNA: Don't get free troubles with 'free' scheme!

In Mumbai, not one, two, three, but the entire 287 people came under the guise of freebies. In the year 2018, an insurance company in Mumbai announced that those who participate in its health check-up camp will be given free health insurance. That is, if people get sick, then this company will bear all the expenses of the hospital. And money will be put in the bank accounts of these people.

22 Jul 2019

50 day report card of Modi government 2.0 by Union I&B Minister Prakash Javadekar

Union Information and Broadcasting Minister Prakash Javadekar on Monday addressed media on completion of 50 days of Modi government 2.0. He said that the government has made significant decisions for every section of society under the leadership of Prime Minister Narendra Modi to ensure a five trillion dollar economy. The I&B Minister said that historic decision for farmers to include all eligible farmer families irrespective of the size of land holdings under PM-Kisan Scheme has been taken. He also said that decision has been made for the welfare of labourers as well. These include cabinet nod to labor safety code that will benefit 400 million workers in organized, un-organized sectors. The I&B Minister also said that army men will be benefited under various categories of armed forces. He added that scholarship has been increased for children of army personnel and police martyrs. Javadekar said that investment of 100 lakh crore will be made towards power and water. The Minister also said that focus is to ensure "Nal se Jal" or water from the tap for each house in villages in the next five years. He also said that steps are being taken to deal with the menace of corruption. Javadekar said the bill has been brought to help people affected by various Ponzi schemes.

12 Sep 2016

Government issues model guidelines for states to curb Ponzi schemes

To protect consumers from Ponzi frauds, the Centre today issued model guidelines for states to regulate direct selling and multi-level marketing businesses while prohibiting pyramid structures as well as money circulation schemes.

Direct selling companies

11 Sep 2016

Direct selling companies barred from charging entry fee from agents

The Centre has decided to bar direct selling companies such as Amway, Tupperware and Oriflame from charging any entry fee from agents or compelling them to buy back unsold stocks.

14 Aug 2016

'Streamline norms for co-op societies to curb ponzi schemes'

To curb possible diversion of ponzi proceeds, a Parliamentary panel has asked the government to streamline the regulatory regime for multi state cooperative societies and also come out with a legislation for chit funds.

04 Aug 2016

Sebi suspects 'money laundering' in ponzi schemes

There is a "huge element of money laundering" in illegal public deposit schemes across the country, a top Sebi official said on Thursday, even as he wondered why not many claimants are coming forward to get back the money in the high-profile Sahara case.

03 May 2016

Govt orders SFIO to probe 187 companies for running Ponzi schemes

The government has ordered SFIO to conduct probe against 187 companies that had allegedly floated Ponzi, or multi-level marketing (MLM), schemes, Parliament was informed on Tuesday.

03 Nov 2015

'Wrong perception impacting chit funds business'

Distancing themselves from illicit money pooling schemes, an apex body of chit funds on Tuesday said their business has taken a big beating because of the wrong 'perception' that all deposit-taking activities are illegal.

21 Aug 2015

Ponzi schemes: Sebi says acted against 250 firms already

Talking tough on illegal money- pooling schemes, regulator Sebi today said it has passed orders against 250 companies engaged in such activities and has also managed to recover Rs 26 crore from them so far.

02 Aug 2015

Bill to check ponzi schemes put on hold

A proposed bill to check fraudulent multi-level marketing (MLM) or ponzi schemes has been put on hold by the government.

01 May 2015

'Govt amending law to provide compensation to duped investors'

Thousands of crores of rupees are stuck in these schemes as CBI Director Anil Sinha had recently said that Rs 80,000 crore of 6 crore investors stands locked in such scams probed by the agency.

27 Apr 2015

Over Rs 80,000 crore stuck in ponzi cases: CBI Director

Around Rs 80,000 crore of six crore Indians are blocked in the ponzi scam being investigated by the CBI, the agency Director Anil Sinha said Monday.

24 Feb 2015

CBI probing larger conspiracy angle in ponzi schemes: Sinha

In the wake of rising incidents of fraudulent money pooling schemes in West Bengal and Odisha, CBI is probing the possible involvement of political and other influential people, Minister of Finance Jayant Sinha said in Parliament Tuesday.

Criminal action

27 Nov 2014

ED attaches 2,631 bank accounts of Rose Valley

In the biggest such criminal action against Ponzi schemes, Enforcement Directorate (ED) on Thursday attached 2,631 bank accounts of the Rose Valley group containing Rs 295 crore under the stringent provisions of the anti-money laundering law.

Kisan Vikas Patra

19 Nov 2014

Govt aims at raising savings; re-launches Kisan Vikas Patra

With the objective to raise savings in the country, the government on Tuesday re-launched Kisan Vikas Patra (KVP), an instrument which will provide trusted option of investment to poor and keep them off ponzi schemes.

Collective Investment Schemes

30 Sep 2014

Parl panel to gather public views on collective investment schemes

Amid rising instances of fraudulent money pooling activities duping investors, a high-level Parliamentary panel has sought views from the public on the efficacy of regulations governing collective investment schemes.

06 Aug 2014

Lok Sabha passes Bill to give teeth to Sebi to tackle ponzi menace

The crucial Sebi bill aimed at tackling the ponzi menace was Wednesday approved by Lok Sabha with government saying that Prime Minister Narendra Modi will soon announce a financial scheme which will discourage people from being allured by fraudulent operators.

06 Aug 2014

Bill to give Sebi special powers passed by Lok Sabha

The Securities Laws (Amendment) Bill, 2014, aims to empower capital market watchdog Securities and Exchange Board of India (Sebi) by giving powers such as authority to seek call data records, was Wednesday approved by the Lok Sabha.

06 Aug 2014

Ponzi scheme: Sebi bans HCN infrastructure

Sebi has banned HCN infrastructure and share companies' ponzi scheme.

24 Jul 2014

Cabinet clears bill to empower Sebi to deal with ponzi schemes

A Bill to effectively empower the market regulator Sebi to crack down on ponzi schemes and investment frauds was approved by the Cabinet on Thursday.

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